NRF responds to White House report on consumers & retail

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WASHINGTON — The National Retail Federation has issued a statement from president and CEO Matthew Shay on the new White House report, “The Middle-Class Tax Cut’s Impact on Consumer Spending & Retailers.”

“It is encouraging to see the Administration’s acknowledgement that retailers and their customers will be among the hardest hit if our elected officials fail to address ongoing economic uncertainty,” said Shay. “However, just kicking the can down the road by cherry picking reforms only serves to reinforce the well-placed fears of American consumers and retailers that the status quo will once again rule the day. If brinkmanship overtakes bipartisanship, we will continue to see less capital investment by retailers large and small, stifled job creation, and dampened consumer confidence, which will ultimately lead to lower retail sales and potentially another recession.”

“The time for talk is over, and the time for action is now,” added Shay. “In order to resolve the larger problem with a stagnant economy, Congress and the administration must take whatever steps necessary to not only avoid the looming ‘fiscal cliff,’ but to reform the tax code, fundamentally and structurally address federal spending and reduce the nation’s deficit. We need leadership from policymakers in Washington, D.C., and a detailed plan based on fact, not fear … on reality, not rhetoric.”